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GE heading to zero....where's Uncle Sugar?
The_Venerable - Wed, Mar 4, 2009 - 10:10 AM
-11% @ $6.20
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Uncle had better ride in on his fiat-horse soon or GE...
Rasputin - Wed, Mar 4, 2009 - 10:25 AM
...will touch off a CDS implosion that might just rival the neutron bomb that Fannie and Freddie's demise touched off back in September 7th, 2008.
For, far from being just a lightbulb manufacturer, GE is knee-deep in the hoopla of debt and derivatives dealings.
So, I imagine that the Fed and feds are "on the case".
Because they had better be.
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Where is Uncle Sugar or Uncle Warren?
stockbear - Wed, Mar 4, 2009 - 10:25 AM
Uncle Warren Buffet bought in at $24.
I hope those jet plane rides with Becky Quick are worth it.
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Gotta love CNBS
kahunabear - Wed, Mar 4, 2009 - 10:52 AM
for having Bill Gross from Pimpco come on there talk it up. That should be illegal.
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Denninger losing a lot of money on GE too.
The_Venerable - Wed, Mar 4, 2009 - 11:31 AM
I got banned from posting in the GE price threads (or maybe he just locked those specific threads).
In any event, he just did a ticker rant against CDS's and has made subtle comments about owning GE stock long (at quite higher prices).
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In which post did he make comments about owning GE at higher prices? Please provide a link and text. Thanks.
SusanJBear - Wed, Mar 4, 2009 - 11:42 AM
I see he writes a hypothetical example using himself as a trader of CDS's.
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Maybe I was wrong about that.
stockbear - Wed, Mar 4, 2009 - 11:46 AM
Thanks for the heads up.
He bought preferred shares with an option to buy common.
http://www.msnbc.msn.com/id/26976416/
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I was asking about Karl Denninger, not Buffett.
SusanJBear - Wed, Mar 4, 2009 - 11:47 AM
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Re: In which post did he make comments about owning GE at higher prices? Please provide a link and text. Thanks.
The_Venerable - Wed, Mar 4, 2009 - 11:48 AM
Here's the thread and one specific post (there are others):
"Let 'em PUT it on me.
GE is not going to zero unless we're going to lose our political and social systems, at which point I don't give a **** if my GE stock is worthless."
http://www.tickerforum.org/cgi-ticker/akcs-www?post=85799&page=2
Some of my comments on this thread and another CDS thread on GE were deleted and I'm not allowed to post in them anymore.
I'm not trying to denigrate the guy, but I find it annoying and dumb that someone would censor their website.
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I may not fully understand his trade, but I don't think he is losing money. We need to be careful about what we say about people on other forums.
SusanJBear - Wed, Mar 4, 2009 - 12:11 PM
He sold GE puts, and had GE put to him at $5. He was expecting to keep the premium if GE kept tanking.
Or maybe I'm not understanding it correctly.
http://www.tickerforum.org/cgi-ticker/akcs-www?post=85799&page=3
Right now when I check quotes GE is over $6. So he had to buy GE at $5, if I know the whole story.
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Re: I may not fully understand his trade, but I don't think he is losing money. We need to be careful about what we say about people on other forums.
genesis - Wed, Mar 4, 2009 - 12:24 PM
Ok, enough of the BS from "The Venerable", and thanks to the admin for approving my account.
First, I am short the front-month GE $5 PUTs. If GE goes under $5 on or before expiration (and potentially if they trade negative to intrinsic before then) the shares will be PUT on me. Since the stock never traded through $5 I have not (at this point) been assigned.
I am willing to buy the stock at $5 in one of my long-term investing accounts, ergo, this is how I can do so with a lower cost basis. If it never trades to $5 it is of course extremely unlikely I will be PUT, although it COULD happen if the extinsic value goes negative, even momentarily.
It is my thesis that if GE goes to zero then both our capital markets and poltical system will have collapsed, and therefore, I won't care if the position is a total loss.
Second, there are RULES for where postings on Tickerforum go. "Breaking" is for breaking NEWS. "Breaking PRICE" is for breaking price actions. Both are on RSS by several thousand people and thus light up people's blackberries and similar. The_Venerable posted an OPINION on the GE thread improperly placed in BREAKING (not breaking PRICE) that the high on the day for the broad indices had been hit, and that comment was bilged as off-topic. Bilged comments are NOT removed, but are inaccessible to non-donors. NOTHING is removed on Tickerforum - ever - except under legal process. (It is, however, moved if you can't follow the rules)
The_Venerable ALSO posted the same "opinion piece" in BREAKING PRICE. That is ALSO a rules violation for which he received a posting rights suspension in that area. That block is AREA specific; there is no "hidden" way to lock a thread; if I DO lock a thread (which is extremely uncommon) it displays as locked to anyone who looks at it. Since the GE thread was moved to the CORRECT area subsequently, he cannot follow up on that thread as he has lost posting privileges in BREAKING PRICE due to his refusal to read and follow the rules for that part of the forum.
The entirety of his comments about my position(s) with regards to GE and my actions with regards to him are false and malicious. My short PUT position was disclosed at the time I made it, and it is my only position on in any of my accounts with regards to GE.
He was asked to retract his attack here and instead of doing so decided to play "100 questions" with me; ergo, I'm doing it for him.
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Re: I may not fully understand his trade, but I don't think he is losing money. We need to be careful about what we say about people on other forums.
The_Venerable - Wed, Mar 4, 2009 - 12:54 PM
I appreciate KD posting his response here.
First, let me say he asked me to retract my statements here and now has complained that I didn't...I was busy replying to his emails on his site. I had not signed back in over here until just now.
As for his response, bravo. If he wants to say I'm wrong, that's perfectly ok. Asking me to retract it though? Seems like him replying was much better. My opinion could be wrong (obviously I didn't think so or I wouldn't have said it)...but people can judge for themselves.
As I said in my original post, this wasn't a personal attack. Just an objective observation. For every stock he loses money on he could make 10 times as much on another stock.
I think this is all rather childish to think that we should all ballwash each other and cheerlead everything. If I'm wrong, simply say so. No need to turn this into a popularity contest or to take things personally since, as I've said MANY times, this was NOT a personal comment. I agree with many of KD's posts, obviously I don't agree with everything.
Re: Susan, watch what we say? How many times do we all make snide comments about Obama or some tv commentator or whoever? I think this is a dubious comment, and again THAT is not a personal attack as I think you're great on here. I just disagree with that particular comment of yours.
Finally, as for the post deletions on KD's forum, he told me that they were deleted for being off topic and not breaking, and said they were not censored. That's fine, I take his word for it. I disagree with doing that, as I mentioned to him ten times as many "speculative" posts are made in those threads as price related posts (there was a 14 page rambling thread there the other night)..and I don't see why my posts would be singled out. But that is all a small matter.
This is too much group think for me today and I regret these OT posts intraday as I know the admin would like to keep posts during the day to market related material. I felt it would be best to respond now, and will leave it here. I apologize to the admin here for cluttering the site with this OT stuff completely not related to WSB.
-Ven
[ Post Last Edited By The_Venerable on Wed, Mar 4, 2009 - 12:56 PM ]
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I don't care what your opinion is of me or the Grand Poobah and whether you belittle me or the GP for that matter. But when you make very specific claims about people
SusanJBear - Wed, Mar 4, 2009 - 01:46 PM
then we need documentation in our posts with links and text. Thanks for your cooperation.
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